Baoye Group Company Limited announced that with effect from the conclusion of the annual general meeting on 16 June 2023: Mr. Pang Baogen has been re-designated as a non-executive Director and the chairman of the Board of the Company. Mr. Gao Jiming has resigned as an executive Director due to his age. The Board announced that with effect from the conclusion of the Annual General Meeting on 16 June 2023: Mr. Pang Baogen has been re-designated from an executive Director to a non-executive Director and the chairman of the Board and has resigned as the chief executive officer of the Company; Mr. Gao Jiming has resigned as an executive Director; Mr. Xu Gang has been appointed as an executive Director of the eighth Board; Mr. Wang Rongbiao has been appointed as an executive Director of the eighth Board; Mr. Xiao Jianmu has been appointed as an independent non-executive Director of the eighth Board.

With effect from the conclusion of the Annual General Meeting on 16 June 2023: Mr. Xu Gang has ceased to be a supervisor of the Company (the "Supervisor") due to his re- designation as an executive Director; Mr. Xiao Jianmu has ceased to be an independent Supervisor due to his re-designation as an independent non-executive Director; Mr. Sun Yuguang has been appointed as a Supervisor and the chairman of the Supervisory Committee; Mr. Kong Xianquan has resigned as the chairman of the Supervisory Committee. Mr. Pang Baogen, born in 1957, is the founder and the chairman of the Board. Mr. Pang is an expert who has been awarded the special allowance by the State Council and is a member of the expert committee for the topic "China Construction Reform and Development" of the Ministry of Housing and Urban-Rural Development of the People's Republic of China.

He holds senior Mr. Xu Gang, born in 1976, is the general manager of Zhejiang Baoye Construction Group Company Limited. Mr. Xu graduated from the China University of Geosciences, majoring in civil engineering, and holds first grade registered architect qualification and senior engineer qualification. Mr. Xu was awarded titles such as the Top 10 Young Entrepreneurs of Construction Industry in Zhejiang Province, Model Worker of the Construction Industry in Shaoxing City and the Outstanding Entrepreneurs of Construction Industry in Suzhou City.

Mr. Xu joined the Group in 1998. Mr. Wang Rongbiao, born in 1968, is a member of the operation management committee of the Company and the chairman and the general manager of Zhejiang Baoye Building Materials Industrialization Company Limited. Mr. Wang graduated from Wuhan Science and Technology University, majoring in civil engineering, and holds senior engineer qualification.

He is a representative of the People's Representative Congress of Keqiao District of Shaoxing City. Mr. Wang joined the Group in 1986. Mr. Xiao Jianmu, born in 1967, graduated from Zhejiang Forestry College, holds the qualifications of economist, Certified Public Accountant, Tax Agent, Public Valuer, Real Estate Appraiser and was awarded Zhejiang Excellent Certified Public Accountant.

Mr. Xiao served in the construction department of Shaoxing Huaxia Company and Shaoxing Gongxiao Company Limited. Mr. Xiao is now the vice director of Zhejiang Zhongtian Accountants (LLP). Mr. Sun Yuguang, born in 1978, graduated from Chongqing University with a major in urban planning and holds the qualifications of national registered urban planner and senior engineer.

Mr. Sun is currently the chairman of the board of directors of Zhejiang Baoye Real Estate Group Company Limited, deputy secretary of the Communist Party Committee of Baoye Group Company Limited, chairman of Shaoxing Baoye Four Seasons Garden Real Estate Company Limited, chairman of the General Labor Union of Baoye Group Company Limited and a The Board announces that the ESG Committee has been established on 16 June 2023 and Mr. Chan, Dennis Yin Ming, Mr. Wang Rongbiao and Mr. Fung Ching, Simon have been appointed as members of the ESG Committee with Mr. Chan, Dennis Yin Ming as the chairman of the ESG Committee. The Board announces that Mr. Wang Rongbiao has been appointed as a member of the Nomination Committee following the resignation of Mr. Gao Jiming as a member of the Nomination Committee with effect from the conclusion of the Annual General Meeting on 16 June 2023.